Map of Onesti, Bacau on W. MACKENZIE GEORGE MASON UNIVERSITY entrepreneur ALTHOUGH THE LATE 1990s cult of the business executive faded within a few years, the activities of entrepreneurs and their firms continue to represent a significant salient feature of modern capitalism in the eyes of even the casual observer of contemporary economic matters. Accordingly, it is somewhat puzzling for the beginning student of economics to find hardly any reference to entrepreneurship in an introductory textbook. This absence is due to the fact that the traditional analysis of markets emphasizes how firms choose their optimal course of action in response to a set of given and understood data. As William Baumol remarked more than three decades ago, the model describes the domain of business decision-making by reference to a class of well-defined problems which need no entrepreneur for their solution. The lack of emphasis on the role of entrepreneurship stems also from the practice of approaching the study of markets by focusing on the concept of perfect COMPETITION. While this is an important intellectual exercise, the realities of modern capitalist economies cannot be assimilated to the perfectly competitive economy of the textbook variety. Map of Onesti, Bacau 2016.
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